US jobless claims tumble to 7-year low

New claims for US unemployment insurance benefits tumbled last week to the lowest level in seven years, government data released Thursday showed. Initial jobless claims, a sign of the pace of layoffs, totaled a seasonally adjusted 300,000 in the week ending April 5, a decrease of 32,000 from the previous week's upwardly revised figure of 332,000, the Labor Department said. The prior week's number was previously estimated at 326,000. The last time claims were so low was May 12, 2007, when they were 297,000, according to AFP.